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CNBC
Oct 16, 2012 4:00pm EDT
preparing for citi's conference call coming up at 4:30 p.m. eastern time, 30 minutes away, after the shocking resignation today of ceo vikram pandit. you can hear that call straight away live coming up in a few minutes. we'll take you on that call. kayla is here first with this evolving story. over to you, kayla. >> thanks, maria. we have -- i want to run through what we know so far right now. let's think about this turn of events for citigroup and how this came about. we know from sources that the board has been ramping up this search for the last several weeks. we don't know exactly the catalyst for that, but they did start planning for succession back in august. now, as far as what we know, maria, vikram pandit told you that he gave a call to citi board chairman mike o'neill after the earnings call yesterday to discuss the fact that he was ready go. now, in the wake of that period of time, we don't exactly know what happened during those last few hours. we know that mike o'neill did call several members of the operating committee last night and informed them before a full committe
CNBC
Oct 16, 2012 9:00am EDT
come one day after citi's earnings beat expectation in a conference call which, of course, jim said absolutely nothing about this. >> no. this was the first quarter that was the break out quarter for international. first time that i felt that the company had put a lot of its problems behind it. best knit interest margin. we only had a couple of banks report. people are trying to present this this was logical, this was in the works. this was the least logical, least in the works. corbat terrific. he ran holdings. 48 hours did we know this? i don't know. i got to tell you that the people that i talked to at citi, to say not in the works is being underplayed. >> there's shock at least among a handful of people who i talk to regularly at senior who are senior but no way aware of this. they are shocked. they heard it about an hour prior to the announcement being put out there. and, you know, it seems as though we don't know at this point, although we listen eed t andrew ross sorkin's report right now. there was some contention between board particularly new chairman o'neal and mr. pandit
CNBC
Oct 29, 2012 4:00pm EDT
hurricane sandy. we're approaching a critical time for new york city and the rest of the northeast as massive storm gets set to make landfall in the next two hours. the situation getting dangerous in many parts of the east coast. as you see in manhattan, there is a situation involving a damaged crane. in midtown. we will continue to update you on that and other developing stories over the course of the hour. by the way, we now know that emergency workers on the scene of that crane dangling off a 65-story building, that building is being built to a 90-story building. that's why the crane was on top of the building. they have now -- they're going as high as they can to inspect the crane. but city officials say there are no plans right now to take down the crane and remove the crane because it is simply too dangerous. governor cuomo will call into the show after that press conference, so we'll talk to him directly in terms of business on new york. first, let's get to courtney reagan, smehe's at the news des >> we're hearing from our partners at wnbc that the department of building engine
CNBC
Oct 29, 2012 1:00pm EDT
know it, that storm surge ends up in the new york city vicinity. we're talking about long island sound. we're talking about the connecticut coastline. the new jersey shorelines. one of the possible places economically. already we're seeing some big surf but this is nothing compared to what we're going to see in just a few hours, because the tide is coming up at the same time as the storm is moving in. it is terrible timing. high tide is around 8:00 to 9:00 tonight. 8:00 to 9:00 p.m. is exactly when this storm is going to make landfall on the new jersey shorelines. somewhere near or slightly north of atlantic city. this is going to bear very close watching all afternoon into early this evening. again, the storm surge is the first problem. there's going to be massive power outages and in addition, of course, then there will be some flooding rainfall. we'll talk about all those factors as the day wears on. we'll keep you posted on that. we'll have more in just a few minutes from now. >> thank you so very much, todd. we appreciate it. >>> breaking news now. bob pisani has it. it conc
CNBC
Oct 31, 2012 9:00am EDT
generator moving on power. not every bank has every office open today. tough to get around the city right now. >> tough to get around the city. tough to get employees for many of these banks to where they need to be. a number of them -- many of them are working remotely. as you say, everybody is trying to be fully open for business. i have made a handful of calls this morning. it has been a mixed bag in terms of getting people out to offices given there is no mass transit in new york city which is really -- the fact that subways don't work is a stunning thing in this city. it's hard to make new york work without the subways. >> it's not even if people are in their offices. phone service is patchy when it comes to land lines and cell phones and there are some entire buildings, citigroup has a building at 111 wall, 1,800 employees there, they can't get into that building for weeks. >> look at this. this is context in which we're operating. this is cover of "the washington post." this is new york's katrina. obviously the death toll compared to that storm nowhere near approaching it but
CNBC
Oct 30, 2012 7:00pm EDT
it's wake. >> the death toll in the us has climbed to at least 4018 in new york city alone. 8 million customers and counting in the mid atlantic region without power tonight. two feet of snow in parts of maryland and west virginia. the stock markets will be open for business tomorrow after being closed for the past two days. president obama will be looking at the devastation with dpgoverr chris christy in new jersey. let's get to todd gross tonight who is tracking the storm over the new york east. >> reporter: you may not believe this. sandy won't quit. if you look right here, there is a new belt of showers and thunderstorms that have formed. gusty storms that are affecting that wart of the country. even the north eastern united states on the coast line is in part of the storm. right in through chicago coming in through the great lakes that is where the winds are funneling in from the north. same winds edge of the storm that moved in on the coast line. that is number two. and three of course, we have a lot of air play in through here. let's zero in on west virginia. it is not
CNBC
Oct 30, 2012 4:00pm EDT
coming to you live from new york city at rockefeller center. the new york stock exchange reopening tomorrow. millions of people remain without power and the death toll is continuing to rise. wall street closed for a second straight day today but will reopen with normal trading, we are understanding, tomorrow. the former nyse chairman dick grasso joins me now. we'll get his take on what it takes to reopen after a two-day shutdown. meanwhile, bob spoke with the current ceo earlier today. he joins us with the latest details. >> it's all systems go. that's what he told me. the nyse along with all of the other exchanges will open as usual tomorrow for a full trading day. the most important issue was making sure the nyse could connect with the trading community. >> i think what we're most worried about, bob, and we've been working with the clients and will continue to do so throughout the day, is since a lot of them are working from their own contingency sites, we want to make sure it's working as planned. that's not something that's tested frequently. >> the other major issue is making
CNBC
Oct 31, 2012 6:00pm EDT
just to entertain you, fwou educate y-- but to educate you, so call me. new york city mayor mike bloomberg ran that sweet chime this morning, the opening bell to the new york stock exchange and suddenly wall street was back in business. and even though not all the markets implied -- nasdaq down. you could feel the blood flowing through the veins of the stock market after two days where its heart was stilled. it wasn't just wall street that opened for business today, though. the main street that runs clear across this country may now be open for a new kind of business. one that's pretty darned moribund for years. the business of construction. yes, mother nature dealt a vicious blow and our hearts to go out to families who lost loved ones. but in spite of the tragedy, in our own curious way, sandy has given us the opportunity for a boost since the government rebuilt southern florida after hurricane andrew in 1992. a reconstruction so huge, it moved the country's entire gdp needle just when we needed it, after right a nasty recession. and now that we've assessed the damage, or we're
CNBC
Oct 29, 2012 12:00pm EDT
that has city officials concerned. here's new york city mayor mike bloomberg. >> if you are still in zone "a" and can find a way to leave, leave immediately. conditions are deteriorating very rapidly and the window for you getting out safely is closing. >> reporter: it's been interesting to watch. some preparations actually still going on this morning, which means they really weren't thinking that clearly about all of this. because some of the conditions were already supposed to have deter rated by now. but a lot of the sandbagging we've seen has been going on today. that, as the mayor said, the window for all of that, for all of those preparations is closing fast. we expect this is going to be a rough afternoon heading into a rough evening, continuing through tomorrow. scott? >> scott, thanks so much from lower manhattan. the mayor already announcing skoo schools will be closed in new york city yet again tomorrow. at the top of the show we mentioned the new york stock exchange and nasdaq are closed for business today. if business is mostly electronic, why are the markets closed? bob
CNBC
Oct 29, 2012 9:00am EDT
as we continue to watch what's happening in lower manhattan. scott cohn in battery park city. thanks. we're displaced and what we're seeing in scott's shot is a big reason for it. >> it makes a lot of sense for everyone to clear out because -- don't need me to tell you which way the wind blows but it's clear that it makes sense to close. i remember in 1985. i had gone to goldman that morning. young guy working at goldman. we thought the stock market was going to open. looked like it would open. there was trading and next thing you know i was playing cards. >> the question is if you were just to close the physical trading floor but keep electronic trading open, how robust would volumes be and how wimpy would markets be and disservice to investors if you maintain that market open. >> there's a big emphasis on market stability right now and of course on liquidity and volatility as well. there was a real issue out there that with not much participants in the market with main trading floor closed, people having trouble getting in and then people having trouble getting out, what's
CNBC
Oct 17, 2012 3:00pm EDT
citi. >>> then in another exclusive, u.s. bankcorp ceo on his company's earnings. >>> and trouble ahead? s&p's chief economist tells us about three big risks looming on the economic horizon and why there's no room for error. find out what they are ahead on the "closing bell." for [ male announcer ] it's a license to drive. but to you, it's a leap of faith. it means letting go... and learning to trust. ♪ all across america, thousands of teens showed state farm what it means to them. ♪ at a national event that gives new drivers the knowledge they need to take the wheel. we call it celebrate my drive. you might call it peace of mind. learn more at celebratemydrive.com. sleep train's best rest event is ending soon. don't miss your chance to get sleep train's very best mattresses at the guaranteed lowest price. plus, pay no interest for 3 years on beautyrest black, stearns & foster, serta icomfort, even tempur-pedic. and rest even better with sleep train's risk-free 100-day money back guarantee. but the best rest event ends soon at sleep train. superior service best selection, lowe
CNBC
Oct 31, 2012 6:00am EDT
city's biggest landlords, he owns buildings in battery park, which is right in zone a. he also has property on the brooklyn waterfront and much more around the tristate area. he says the damage is already in the tens of millions of dollars, but this is going to be some huge numbers when you start adding up the entire tally. coming up at 7:30 a.m., daniel amond will talk to us first. it is halloween, but not in the state of new jersey, because the governor has postponed halloween here. he's going to be pushing it back to another day. >> i'm not sure it's halloween in a lot of places. we're supposed to have a halloween party at my house tonight. my kids are supposed to be thing 1 and thing 2. i'm supposed to be cat in the hat. and my wife is supposed to be sally. that's what she wanted to be. >> sally is who? >> one of the kids. one of kids. let's get to lower manhattan. lower manhattan is springing to life today after super storm sandy hit the area, flooding the battery. the new york stock exchange is set to ring its opening bell today after being closed. for the past two days, scot
CNBC
Oct 31, 2012 3:00pm EDT
protect the citizens. no decision on the new york city marathon yet. >> see you the same time tomorrow. "closing bell" is next. >>> hi, everybody, welcome to "the closing bell." i'm maria bartiromo at the new york stock exchange. what a couple of days it's been after being shut down by hurricane sandy, wall street winding down the historic afternoon for the stock market, back in business the market down slightly. the fact that we are open today after this recent disaster is viewed as a very important step for this recovery. >> it's an amazing achievement just to get that opening bell this morning. i'm bill griffith. you can see the dow is down modestly and for the most part it has been for the most part smooth sailing in terms of trading at the big board. we'll talk to a host of top market watchers, get their take how the exchanges are doing on the heels of hurricane sandy. >> of course it's all about the recovery. i'll talk with nasdaq's ceo bob griefeld on how his day is going. stay tuned for that as well as any lot of other interviews coming up. we go to the front lines to
CNBC
Oct 1, 2012 12:00pm EDT
halftime live at the value investing congress in new york city. >>> good afternoon. welcome to a special addition of halftime. we're live at the value investing con dwres in the heart of new york city where the biggest and best known managers are presenting their top investment ideas. we'll be speaking live with the house and that's moments after he reveals thinks tom picks and the fed chairman is speaking today before the economic club of indiana and you will see the question and answer session live later on in the hour. first, let's turn our focus on the market and stocks higher to start the fourth quarter and after a better than expected manufacturing report where does the rally go from here? we're getting your fourth quarter play back from pete and steve here with me and stephanie link and steve grasso and i will start with you. given what happened last week in the market, did you guys come in today a little skeptical about this move in the market and then we got the ism report and that changed your way of thinking? >> i think you always come in skeptical because you wonder h
CNBC
Oct 29, 2012 5:00am EDT
york and other major eastern cities have shut down mass transit, airlines canceling flights and in new york city, mayor bloomberg has ordered the evacuation of some 375,000 people from low lying areas. the new york stock exchange and nymex are in that evacuation zone and are affected today. those markets plus the nasdaq and cboe will be closed today and possibly tomorrow. cme says it may not reopen to tuesday's session. exchanges, brokers and regulators are worried about integrity of markets and cooperate ensure the safety of the employees on site. the last time the u.s. financial markets were closed for a nonholiday event was after 9/11. the last time the new york stock exchange was closed for a weather related issue was 1985 and that was due to hurricane gloria. the u.s. energy complex could take a hit from hurricane sandy. we'll have an update on that shortly. but first let's take a look at european markets. though we started to open slightly higher today, losses are accumulating. ibex 35 over in spain shedding about 0.4%. we want to know your hurricane stories. you can e-mail our t
CNBC
Oct 16, 2012 1:00pm EDT
employment. outside of citi's broad base separation plans or local law. any equity awards not accelerated upon termination. one benefit we're told of this timing, every's surprised that this came out the day after such a sole lid quarter. and especially when you could have waited until the end of the year. p but one theory behind this is citi will have to go through the stress tests again at the beginning of next year. if you come in january 2013, you're a fresh face on that field and hard to put togetherc. >> a banking source i spoke to said perhaps the board was waiting for its first glimpse of d day white. then giving the kind of cover that it needed to make the move. then giving the kind of cover that it needed to make the move. obviously citi and government have worked out some prices. sue, down to you. >> let's talk more about what's going on at citi and where the bank goes from here lacking forward with me now. first of all, your reaction. i think i heard some of maria's reporting. do you buy the fact that it has been planned for some time? >> there was obviously unhappiness here,
CNBC
Oct 17, 2012 4:00am EDT
the deficit. >>> spanish equities bucked the trend. >> shake-up at citi. the company is still being mum about the specific details around his departure. >> and a surprise rate cut from the bank of thailand is hitting home in yet another emerging economy. >>>er you're watching "worldwide exchange," bringing you business news from around the globe. >> good morning to you. so much to get to in today's program. kelly is a little bleary eyed this morning. >> it's because i watched the debate this morning. >> you just happened to wake up at the exact moment that debate started? >> i thought i'll just watch it for two or three minutes to get an idea of what's g 90 minutes later. >> and your initial thoughts? >> i saw the first one because i was in the u.s. for it. it did come off as dour. this one was livelier. but i don't know whether there was necessarily -- the narrative is that president obama did better than last time around. whether it was as much of a game changer i think is still up for debate. in any case, president obama and mitt romney have one more debate next week. they may ha
CNBC
Oct 29, 2012 7:00pm EDT
report. the waves pounding hard-hit atlantic city, new jersey tonight. plenty of dramatic pictures. >> first we'll start with meteorologist todd gross to get the latest on the storm. >> specifically the storm is basically coming to its heights but not in terms of the water. i'll explain y.can you see some of the winds right now including right here over islip, long island. 59-mile-per-hour gust. now 78 miles per hour. and that's the strongest that we've seen so far. however, take a look at the storm surge that we're expecting just a couple of hours from now when it's high tide. you know, this is full moon coming up tonight which aggravates this a little bit, enough so that this is likely to happen. four to eight-foot storm surge around the south shore of long island, down to the east shore of new jersey. then we have the water funneling in along the long island sound, and that's going to be a big problem with a storm surge of 6 to 11 feet. what does that mean? that means that the actual water level could come up ten feet above normal to begin with, and on top of that you have addit
CNBC
Oct 30, 2012 5:00pm EDT
of the many transportation arteries still shut down. the new york city subway system has suffered its worst disaster in its 108-year history. the south street station not far from here we're told by officials has water all the way up to the ceiling and it's going to take some time to get all of that water out of there as well as get everything repaired and operable again. the power grid also suffered from this. the big transformer explosion at the 14th street station on the lower east side was spectacular and as that happened, officials during the storm last night preemptively shut down power to much of the island of manhattan. everything essentially south of 36th street or around the neighborhood of the empire state building all the way down to where i am and much of that power, most if not all of that power is still out. so there is a long climb back for this financial district. at least they've gotten through it, but what you see behind me, all of this calm, belies what's going on in the city. melissa? >> all right. scott, thanks so much for that. of course, all these disruptio
CNBC
Oct 8, 2012 4:00pm EDT
] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] finally getting some relief at the pump. los angeles wholesale gasoline falling 60 cents on governor brown's winter blend gasoline waiver. jane wells is in northridge, california. she'll explain what all that mean. a certain mandated blend accounted for 60 cents for the price of gas in california? >> reporter: well, how about that, michele? they are saying that california's case of bad gas may be coming to an end. while wholesale prices are supposed to come down, or have, retail prices haven't. i checked several retail stations i monitored on friday, the price of gas is exactly the same as on friday. aaa says the average price in los angeles of r
CNBC
Oct 29, 2012 5:00pm EDT
york city. let's go to scott with the latest. >> probably will be the last report we do have from this location here because as you may be able to he the waters of new york harbor starting to lap up on to this area here at the battery at the tip of lower manhattan. precursor to the big storm surge that's going to come in with hurricane sandy. we don't want to be anywhere near it. i can tell you now that manhattan, crossroads of the world, sun creasingly now becoming an island because within the next couple of hours, the major bridge misand out of new york city, george washington bridge, other bridges in this area, will be closing down and the issue on that front is the winds. i want to show you video shot, just a few moments ago of one world trade center. people tower. these are the tallest construction cranes in new york city. the port authority of new york and new jersey says that these cranes are okay. i can tell new the short time since we shot that video, and now, the -- one world trade center is shrouded in clouds at this point. we have seen construction netting blowing arou
CNBC
Oct 18, 2012 7:00pm EDT
individuals, the windy city has had 409 homicide this year, that's up 46% from the same time four years ago. compare that to new york city's homicide rate. what's chicago's problem? and what's its supposed solution? they're talking about taxing guns? here's a republican strategist lenny mcallister. first of all the tax on bullets and handguns will do nothing to stop the murders among the gang bangers? am i just dreaming this up? >> this is one of the most ridiculous things i have ever heard of. it's another example of an ivory tower highbrow solution. this is a lot of time what you see from people that are often removed, oftentimes the very far left, progressive. the high tower legislator that -- it's not surprising, too. >> first of all, to the ammo and the guns are being bought illegally on the streets anyway. >> exactly. >> law abiding shopkeepers selling this stuff had nothing to do with it. let get that straight. >> i want to ask you, because you used to live in chicago. it's people who use gun that are killing each other. is this about drugs? are these about racial gangs? wh
CNBC
Oct 29, 2012 6:00am EDT
more than 7,000 flights have been canceled from washington to boston as those cities brace for flooding and high winds. phil lebeau will have a live report coming up at 6:30 eastern time. . as we've been talking about, the new york stock exchange and nasdaq will be completely shut down today with no stock trading at all. originally the nyse had planned to use its electronic platform, but at this point it has decided to shut trading all together. that happened after it had conversations with other u.s. stock markets and with u.s. regulators, including the sec. and this is the first weather related shut down since hurricane fwlor i can't back in 1985. the cme group is running its urk of usual futures session from 6:00 p.m. to 9:15 a.m. eastern. you will be able to see the stock index futures throughout the morning. they are under pressure right now. cme will be shutting down trading after that time. so depending on the impact of the storm, it's possible the same scenario will be repeated this morning. three companies have canceled earnings reports. pfizer, nrg and entergy. the go
CNBC
Oct 16, 2012 3:00pm EDT
. remember, leach, pandit, and havens all founded the hedge fund they sold to citi for $8 million. pandit pocketed just about $80 million of that price tag. so definitely a very multifaceted story. we should get more in just the next hour. >> you would think so. let's get some reaction now from some respected analysts. mike mayo, bank analyst. he's also the author of "exile on wall street." our friend rob cox, the america's editor at reuters breaking views. michael, what do you make of the breathtaking events over the last 24 hours? >> i think the ceo transition is ludicrous. to have the ceo and c.o.o. step down at the same time with zero transition and to have this change one day after they report earnings. just yesterday i was asking vikram pandit questions. we were all asking him questions about the long-term strategy. one day later, he's out the door. something's not right. i think this poor transition of the ceo is a microcosm of the poor corporate governance at citigroup under the vikram pandit reign. >> mike, i want to ask you what you think is going on here, but let me get anton i
CNBC
Oct 22, 2012 6:00pm EDT
know numbers spoke for themselves, but this was a total tale of two cities. there was the city that google's management lives in. let's call that backpack city, which they kept doing throughout the conference. at the end of the conference call, their arm was supposed to hurt so much. they had to go to the chiropractor i'm sure. and then there is the city that the rest of us inhabit which is the are you kidding me? that was the are you kidding me city. what happened to too much ad inventory? higher costs, including extraneous ones where we have no idea what they actually do. these two cities are so far apart from each other, sorry, google, it was the age of foolishness on your part, and the winter of despair for everyone who believed in the company. at least they have some new products coming to disguise the bad odor of that call. then there is chipotle. an entirely different expectations problem. chipotle had done much to make people feel that things were slowing down, that the analysts should be cautious going forward. the problem is they didn't listen. the problem is chipotle alwa
CNBC
Oct 5, 2012 1:00pm EDT
to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] [ male announcer ] get more access with the citi card. syou know, i've helped a lot off people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) what a strange place. geico®. fifteen minutes could save you fifteen percent or more on car insurance. >>> time for the countdown today. we're talking jobs and the election. mark moriel, the former mayor of new orleans, jobless rate the lowest since the president took office. mark, we're putting out whether this furthers his chance of retaining the white house. >> i think it
CNBC
Oct 2, 2012 5:00pm EDT
citi group. >> i would stay away from it. i would go with high concentration of cit versus staying with the big bracket names. >> pop for coach. >> high end stores have popped on positive news. really benefitting from that. >> drop for radio shack down 13%. >> we ought to give dan a little bit of credit. we were talking about this name. he said stay away from it. but the story here remains dismal. the ceo left the company. and credit squeeze confirmed the under perform rating. this is a broken stock and broken story. >> and a pop for coconuts. a man recently smashed a record that would make any frat boy proud. the hard headed 40 year old busted open 18 coconuts gaining a place in the book of world records. back in 2011 he cracked 85 coconuts with his elbow in one minute. how do you practice that? >> amazing. >> it's a talent. >> everyone has one. >> confused about which companies to by. stephanie has the link you might be missing. stick around for that and we will dive deeper into the retail story with some of the biggest retailers out there and their properties up right after this
CNBC
Oct 26, 2012 9:00am EDT
with the company. >> let's move on and talk citi. back in the spotlight this morning. sources telling "the new york times" bank's chairman michael o'neill was working behind the scenes for months and that pandit was summoned to a meeting telling him the board lost confidence in you. pandit then resigned immediately. >> it made it difficult from what i understand in terms of the relationship with the board, which was quite testy. we knew that day when it was announced something was awry. we reported quickly he had been forced out. i used the word fired. that's clearly the case. been waiting for a story like this to give us more. i've been doing reporting on this and having conversations but this is a nice story by the "times" in giving us that time line. we wondered when o'neill came in and i heard this antidotedly that he wanted this job. it has been said to me that this guy is running citi right now. that would seem to be the case from the reporting that's been done from the "times" in terms of the process he took to get board members over to his side to force out pandit. wit
CNBC
Oct 29, 2012 3:00pm EDT
>>> hi, good afternoon. i'm maria bartiromo coming to you live from rockefeller city in new york city where the markets are at a standstill today and tomorrow as millions brace fort brunt of hurricane sandy. >> i'm bill griffeth at cnbc global headquarters. this is usually the last hour of trading but this is the beginning of the worst of sandy. the situation getting more dangerous. that's a live picture out of midtown manhattan. a damaged crane atop a building located on west 57th street in midtown manhattan. all of that as a result of the heavy, heavy winds that are been hitting that area of new york city. we will keep you updated on that particular story. in fact, we have whole team coverage from every angle of this story. todd gross is here with us at battery park city, we have mary thompson from the port of baltimore, brian shactman is on long island. kayla tauche in cape may, new jersey, and we will be navigating the carnage for the next two hours. it is expected to pick up in severity in that time frame. let's start with the big picture from todd gross. todd, where is hurr
CNBC
Oct 26, 2012 5:00pm EDT
60 days, plus get up to $600 when you open an account. >>> forget halloween, radio city music hall got a swrum start with their christmas festivities today. cam camels, donkeys and sheep arrived for rehearsals for the christmas city spectacular. that's tonight's edition of optional viewing. i wonder what rehearsal for animals entails? anyway, time now for the last word from the options pit. >> this week's extra is what not to do with options and how to recover afterwards. >> ennis? >> i like mike's 1 by 2 call on apple. >> mike? >> i wouldn't buy any more apple and i certainly wouldn't buy amazon. for those who followed u.p.s., i don't like that stock either but there's been a lot of decay. follow us on twitter for updates on how to handle that. >> looks like our time has expired. i'm melissa lee. for more on "options action," go to optionsaction.cnbc.com. >>> "money in motion" is up right after this break. [ male announcer ] the markets keep moving. make sure the news keeps coming with thinkorswim by td ameritrade. use the news links breaking stories with possible breakout stocks,
CNBC
Oct 12, 2012 2:00pm EDT
seagate technology. >> similar story here. citi group analysts lowering the hard drivemaker shares two notches to a sell. they didn't go from a buy to a neutral. they went from buy to sell. which is really unbelievable here. they see meaningful downside to the sector near term. given the further deteriorating side of the business for pcs. in other words, when we talk about dell not selling a lot of computers, well, often these disk drives are in them. citi going from a buy to sell, whacking both names. >> this amazon segment is a gift to herb greenberg. we don't see him on the show. he's all hot and bothered about this stock. >> well, jeff bezos -- i think he told the bbc -- it was british -- that basically -- herb's here! basically bezos saying we're not making any money on the kindle itself, that we want to make it all up on books, movies, et cetera. >> the razor blade concepts. issue is it will work and could work if they sell the content. but you have to keep an eye on this because it is that all-in thing we talked about. you're all in on a price? we don't know how many kindles
CNBC
Oct 15, 2012 12:00pm EDT
. banking on the financials. citi beats, goldmans on deck. which shock should you be betting on. cliff-hanger, how will the fiscal cliff hang out? will congress strike a deal. >>> value shopping, the dow and s&p only a few percentage points from all-time highs. what stocks are still cheap and which ones are priced for perfection? we're getting the traders' best ideas to help you make money right now. we are trading all of the big movers today with joe terranova, josh brown, mike fur mi, and stephanie link. let's get right to it. barron's putting out a bullish market issue but we're looking for deals. only six stocks in the dow have pe ratios below 10. hewlett-packard, jpmorgan, caterpillar, chevron, cisco, and microsoft. josh brown, what's the best buy right now? >> i love chevron. we've been buyers since it broke 100 to the upside. here is a stock that's about half the size of exxonmobil, has similar growth profile, and a higher dividend. can't see why anyone wouldn't make cvx part of their portfolio. >> even though they were a little cautious last week. >> but this is the type of sto
CNBC
Oct 4, 2012 2:00pm EDT
taxpayer dollars purely for personal gain. >> today's arrest in seven cities with the operation hit all nine of a federal task force so-called strike force cities, this crackdown, some funded by the affordable care act, is having some results. more than $4 billion recovered last year alone, officials say. which sounds great until you consider that the total fraud each year could be upwards of $80 billion and maybe even twice that. >> in other words, this is really just the tip of the iceberg. the annoying thing about this health care fraud is, it pushes up health care costs for all of us. right? >> that's right. that's why they are trying to crackdown on this. as we've reported on again and again this year, this fee-for-service situation that people can find ways to gain. so they're constantly doing this pay and chase type of thing. they're getting a lot better at analyzing data. that's what this represents. >> what's sad and amazing in this political season. the amount you money you talked about is exponentially more than the amount of revenue that would come to the government if t
CNBC
Oct 15, 2012 6:00am EDT
number three, kansas city and notre dame at four and five. you but you got florida and south carolina in there, too. and of interest to becky, number 20 rutgers beat syracuse 23-15. i think cincinnati also won and are ranked now. p. >> of course you also had notre dame. >> we'll talk to the guy from the endowment at notre dame. this is the first time i'm not old enough to know what google is talking about. have you ever heard of this guy, sl nemo and slumberland? like early 1900s when he put together a comic strip which was a prelude to walt disney. just because of high quality cartoon strip. and you have to be really old to have seen this. but google devoted a lot of time to it. >>> let's get to the national weather forecast. danielle banks joins us from the weather channel. >> good morning. hope you're having a great monday. if you're feeling like a sleepy head and finding it's harder to beat that alarm clock, here's why. the rain always makes me tired and you can see who getting clobbered by it. it's shifted over to western north and south carolina and still even our weather channe
CNBC
Oct 19, 2012 9:00am EDT
, and the candidates in the race of presidency showed their hue mouse sides last night in new york city. john harwood joins us from our nation's capital. were you at the dinner last night? >> i was not, i have was catching up on some sleep after long nights for the debates. we have a litting serious and b a little funny in the race for president. we're talking iowa and wisconsin. in iowa, president obama leads 51 to 43, that's a significant lead, and in wisconsin, the president leads by sixth. republicans have been hoping to make inroads, and it underscores some of the divide between national polls showing mitt romney doing much better, but in the electoral bottle grounds, we're talking about the eight or nine states that obama carried, romney has work to do, but last night, they were both doing stand up comedy. this is a traditional event that both candidates come to, both of them brought their humor. >> he knows how to seize the moment. >> the unemployment rate is at the lowest level since i took office, i don't have a joke here, i just thought it would be useful to remind everybody.
CNBC
Oct 31, 2012 4:00pm EDT
they're open that matters, speaks to the resilience of wall street as the city looks to recover from this devastating storm. the dow jones industrial down about ten points, volume not bad. lot of people expected light volume, 700 million shares traded here at the big board alone so wasn't as light as a lot of people expected. nasdaq composite lower by 10 points and s&p ticking up about a quarter of a point. it has been an historic day as the markets opened after a two-day shutdown. we get immediate action, elliott warren from kotke and associates, michael gurka of spectrum asset management in chicago. rounding out our coverage as always bob pisani here. elliott, let me kick this off with you and the energy market moves, gasoline on the move today. how was business after the two-day shutdown? >> it was a little choppy today. we saw unleaded gas rally strongly this morning. i think people are keeping an eye on what happens with the bayway refinery in new jersey. the news initially was it won't get started back up for the next week or two and there was some hope it might start up sooner
CNBC
Oct 10, 2012 1:00pm EDT
risk/benefit of the drug and that's sending the stock lower today. in a pre-open note from citi, analysts noted that the document is disappointing but he does believe that it is biased in its scientific analyst. we'll have to continue to watch for follow-up on this but sending the stock down by 4.5% today. >>> we're keeping an eye on microsoft. the ceo there, steve balmer, telling shareholders he wants to be more of a device and services outfit to be more like apple. in a letter to shareholders, ballmer also suggested the company may one day make its own phone to build on its upcoming tablet pc. microsoft cut ballmer's bonus because of slow progress at its online new kniunit. he's now getting $620,000. the max was $3.7 million. ballmer remains bullet-proof. let's talk more with with the deputy managing editor at "wall street journal," and and our jon fortt. welcome to you both. start with the pivot of the company, spencer, to one that sounds more like apple, the idea being services integrated with software, integrated with devices. is it too late for them to do this. >> well, it
CNBC
Oct 16, 2012 6:00pm EDT
>> short city. >> dominos pizza, the most underrated spectacular stock. >> i'm michelle caruso-cabrera, be sure to >>> i'm jim cramer and welcome to my world. >> you need to get in the game. >> he is nuts. their nuts. they know nothing. >> i like to say there is a bull market somewhere. "mad money" you can't afford to miss it. >> i'm cramer welcome to "mad money." i'm trying to save you some mon money. call me. what happens when the positive facts get in the way of the negative story? i'll tell you what happens? you get the best back to back rally in agents. >> house of pleasure. >> s&p 1.12%. ♪ hallelujah >> and yeah, friday had a descent day too. >> let's face it. we came into the the earning season with a full head of glue. the earnings have peaked. with the impending government spending crash as well as a lack of unemployment growth, what did you want to do when you heard that? that was the wrap. but these last few days we have been at odds and the facts are threatening to overwell many the tale of woe. 1.1% gain on top of a 1.2% gain. those are the first back to back num
CNBC
Oct 30, 2012 12:00pm EDT
stats. a short time ago new york city mayor bloomberg came out with the very latest damage assessment from sandy. >> we're here to update you on hurricane sandy which has now officially left the new york city area, but i think it's fair to say that the path of destruction that she left in her wake is going to be felt for quite some time. >> well, sandy has left, scott, at least 18 people dead. 10 of them are in new york. 23 fires across new york as well. massive flooding and widespread power outages for over 8 million people across the northeast. mayor bloomberg also says the damage to the area was extensive and will not be fixed overnight. as for the public transportation system in new york, scott, it's facing dramatic damage. surges of water have flooded both the subways and the tunnel systems. the mta says it's their worst damage in its 108-year history and governor cuomo also just said a moment ago that there should, however, be a limited resumption of bus services this afternoon. no charges though for those buses for today or tomorrow, and new york city's schools are cancelled fo
CNBC
Oct 9, 2012 9:00am EDT
thousands of protesters. a swelling german anti-sentiment is growing in the city. we'll bring in carolyn roth joining us live from athens with the latest. talk about putting daniel in the lion's den. >> oh, yeah, the violence has flared up again over the last two or three hours. ms. merkle is a figure of hate for many greeks here who blame her for the many rounds of spending cuts. and you can hear it out there, the crowd is just gathering towards the center of the square. there's a lot of chanting, stone grenades being fired off, and you can smell tear gas everywhere. the protesters have hurled stones and water bottles at the police. and they have reacted by firing the tear gas. now they are trying to disperse the crowd here. i want to say for the most part up until maybe an hour ago the protests were fairly peaceful. we saw a clash and small skirmish on the outside fringes of the square, but again the violence has definitely picked up in just over the last 60 minutes. i just want to remind you that the two leaders held a press conference inside about a half hour ago. and ms. merkle once
CNBC
Oct 16, 2012 12:00pm EDT
got the best of that transaction and i think that was the consistent theme whether you like citi today or don't like citi. >> finally carbon mentioned where we are in the markets. >> yeah. >> bounced off some of these levels pretty convincingly. convincing to you? >> yes, and as i just mentioned off camera, we continue to see a lot of money flow into a lot of things we've been skeptical like junk bonds, all very bullish. >> gary, thanks for coming by. back to headquarters. "fast money halftime report" and michelle. >>> thank you, carl. welcome to "fast money halftime report." i'm michelle caruso-cabrera in for scott wapner. the major averages, dow and standard & poor's and nasdaq all near session high, up 0.8% for the dow, 120 points. s&p 500 higher by nearly 1%, 13 points. ditto for the nasdaq in terms of percentages higher by nearly 30. here's what we're following on "the halftime report." stocks now in the green for october even though it's supposedly so scary, only percentage points from record highs. what do you do now. talking to two legendary investor, byron wien and wilbu
CNBC
Oct 9, 2012 2:00pm EDT
with new york city to implement its payment systems in city cabs. that put the stock down earlier. again, that's going up as those reports are denied. back over to you. >> pick move there. all right, jackie. i'm sure herb will get more on that later. we got to go. all right. size matters, especially when it comes to your fridge and your waistline. we'll explain next. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> the calorie price strike again. coke, pepsi, and dr. pepper are rolling out new vending machines that will have calorie counts on the bottoms of the machines just to make you feel guilty. the machines will first launch in chicago and san antonio city building next year. >>> and can't lose weight? blame your
CNBC
Oct 18, 2012 6:00pm EDT
between pittsburgh and cleveland. those two cities serve as the bookends of what was the anchor, foundational birthplace of american industry. and now, though, for the past 30 or 40 years this area's been known as the rust belt. the discovery of the utica is going to be a liberating experience not only for this part of ohio but for all of america's manufacturing base. >> what's missing here? three years ago literal ly righ now at oklahoma university you said there would be a million jobs created. it didn't happen. >> i do believe our industry has create aid million direct and indirect jobs since that time. in fact, i saw something the other day that the last 2.7 million jobs created in america, about a million come out of the energy industry. so this is a labor-intensive business. we pay well. these are jobs where we hire ph.d.s down to high school dropouts. blue-collar work that pays $75,000 to $100,000, $150,000 a year. >> let's talk about chesapeake's role. >> sure. >> we know chesapeake is a first mover. we know chesapeake is a company that was primarily and is a great natur
CNBC
Oct 19, 2012 4:00pm EDT
sheets. a lot of liquidity on those balance sheets. citi on the sidelines. we've seen ups and downs on the earnings for sure. margin compression here tlaeand there. . >> are earnings disappointing you? are we finally seeing this global slowdown catch up to what has been the strongest part of the economic recovery, which is the corporate sector? >> i think we're seeing several different stories, not a single story in earnings. in some cases, it's technology. technology changes. the move to mobile is hitting a few. on the other hand, those associated with the housing sector are probably seeing earnings pick up and doing well. some that have had a global footprint for sure are seeing slowdown here, pick up there. i think this is not a single story. i think there are a number of different stories depending on the model that's associated. >> very fair point. a the institutional investor that tiaa-cref is, holding so many stakes in so many companies, let me get your take on some of the stories we've been seeing. citigroup a huge story this week. vikram pandit stepping down abruptly. as a sha
CNBC
Oct 9, 2012 1:00pm EDT
square close to a deal with new york city to get their payment system in about 1,000 cabs in the city, verifone pretty much owns this marketplace now. >> brian, thank you very much. >>> politics now. president obama heading to columbus, ohio, later today. mitt romney, as you see live in this picture, is in iowa this hour. so much attention, of course, on the presidential race, but it's the congressional elections which could have major ramifications on the power play in washington, including how we deem with the upcoming fiscal clif cliff. amon javers has more. >> let's see what the impact is likely to be or maybe not be on the fiscal cliff negotiations and start with the balance of power. not able to come to an agreement on the debt ceiling last year, they are not able to come to any agreement and the reason is partly because of that huge house republican freshman class of 87 members, 82 are running again for re-election, their fate, how they do in november, might impact debate, but only two are in tossup races, that means democrats have a hard time make a huge dent in the class
CNBC
Oct 10, 2012 2:00pm EDT
city. residential real estate showing widespread improvement with existing home sales strengthening but prices steady to up. residential construction rose in most districts. mortgage lending was up especially for re-fis. job growth was flat to up restrained by all the headlines you've been reading -- politics, presidential race, fiscal policy and the european debt crisis. several statistics reporting a lack of skilled workers. what we haven't seen is this next headline where there are job training programs to address that shortage. it's hurting the midsection of the nations though. some districts are saying there's been some recent rainfall and it has helped crops. however, some of the price spikes related to the drought are beginning to show up at the consumer level. beige book is warning overall prices were mostly unchanged with some of those agricultural prices up. consumer spending was flat to up modestly with retail sales expanding modestly. high gas prices, political uncertainty, fiscal cliff concerns all said to be hurting retail sales according to the anecdotal evidence that
CNBC
Oct 26, 2012 4:00pm EDT
tore in terms of saving the salt lake city olympics and governor of the state of massachusetts during a point in time when we had incredible bigt situation in the state and he was able to solve that. >> that was one of the points he made at the debate. he was able in the face of different parties, he was able to -- >> go ahead. >> i was going to say, all we can do is look at the track record of the individuals to figure out what might happen going forward. >> even with all of this uncertainty, there's a recent poll of private equity executives that say they plan to invest more in 2013. are you in that camp? >> i think, again, it's hard to predict our hope is that there will be some level of growth particularly as the political environment evolves. >> you're waiting for the election like everybody else? >> waiting for the election like everyone else. >> exactly. >> sitting on cash and waiting. >> yes, you know, again, we're very much fundamental analysts of businesses and our ability to generate the kinds of returns we need to for investors and public pension funds and firemen a
CNBC
Oct 3, 2012 5:00pm EDT
bordered by the mississippi river and the sea of galilee. pop for lennar. >> kudos to citi for getting this one right. >> drop for metro pcs. >> you get a takeover and you are supposed to sell. people held on and the premium was disappointing. this stuff happens. that is what you are seeing today. >> here is one, luxfer holdings. >> ipo priced at the low end of the range. sells extruding products. got into this thing and lucky to get the 10% move on. >> i sold it today on the pop because i had money in it. they came out and raised guidance and said fuel costs are that big an issue. with oil going down adding lift to the airline sector. maybe stay a little longer. >> pop for netflix up 10%. >> noted in a customer survey that satisfaction is rising. overall up 3%. satisfaction with content is about double. they really need to hit their forecast for the 7 million new subscribers to justify the multiple. >> a pop for sore losers. ever hear someone say they would leave the country if their candidate loses. jet blue asks customers to vote for who they want to win. after the election the airl
CNBC
Oct 16, 2012 11:00pm EDT
. morgan, wells fargo and citigroup. by the way, i'll be addressing the regime change at citi later in the show. you know the one where they said everybody was expecting this one. except i can tell you that nobody was. see, when we see the employment this week, we can't understand the department sales stores, that doesn't compute. a know a lot of people strangely don't like it. what else is partnered at retail sa sales in how about automobiles, like what is that? 14.8, no, doing ten million, nine million the year before that, that is extraordinary, they're boom-time level figures, and it doesn't fit with the boom, because latin america, europe, and gm, but in this country? wow, they say go with the boom, the numbers say go with the boom, call me a numbers guy. we hear all about how the trading partners are struggling, you know asia is not as strong as it was. what matters is the trajectory, we know that the housing has gotten better, the oil bonanza has caused a huge amount of oil infrastructure demand. again, we have got to find it out with boots on the ground in ohio later this week,
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